Trade sources say that India, the top vegetable oil importer, has cancelled more South American soybean oil orders as the rupee exchange rate fell to a historic low, further widening the price difference between domestically produced soybean oil and imported soybean oil.
India, as the world's largest importer of vegetable oil, has cancelled orders for South American soybean oil, directly reducing demand and creating a negative impact on spot prices. The rupee exchange rate has fallen to a historic low, widening the price difference between domestically produced and imported soybean oil, further suppressing import demand, which may lead to downward pressure on spot prices. Based on the soybean oil futures data from Dalian Commodity Exchange (such as the closing price of contract 2605 at 8,094 RMB/ton, up and down +4), although the current market has slightly increased, this event has intensified demand concerns and futures prices may face downward pressure, as changes in holdings indicate cautious market sentiment.
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